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“)
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Provisions, Contingent Assets and Contingent Liabilities:
loans portfolio are classified as standard, sub-standard, doubtful and loss assets as follows
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Asset classification
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Arrear period
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Provisioning
percentage
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|
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Standard assets
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Overdue less than 90 days
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0.40%
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Non-performing
assets
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|
|
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Sub-standard assets
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Overdue for 90 days or more and less than 120 days
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50.00%
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|
Doubtful assets
|
Overdue for a period of 120 days or more
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100.00%
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|
Loss assets
|
As decided by management
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100,00%
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A disclosure is made for a contingent liability when there is a:
• Possible obligation, the existence of which will be confirmed by the occurrence / nonoccurrence of one or more uncertain events, not fully within the control of the company;
• Present obligation, where it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation;
• Present obligation, where a reliable estimate of the amount of the obligation cannot be made,
Contingent assets are neither recognized nor disclosed except when realisation of income is virtually certain, related asset is disclosed.
NOTE NO. 19 - OTHER DISCLOSURES
(1) Previous year figures have been re-grouped, re-arranged and reclassified wherever considered necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to current year.
(4) The Company has not received information from vendors regarding their status under “The Micro Small and Medium Enterprises Development Act, 2006* and hence disclosure related to amounts unpaid as at the year-end together with interest paid /payable under this Act has not been given.
(5) The Company has recognized impairment allowance on Loans as required by IndAS 109. The comparison between provisions required under IRACP and impairment allowances made under Ind AS 109 has been provided as below which is required by Reserved Bank of India under Notification no. RB1/2019-20/170 dated 13 March 2020:
(6) There are no litigations pending against the company except with the Commissioner of Income Tax (Appeals) in relation to income tax demand of Rs. 8,77 Lakhs for the assessment year 2012-13,
(7) There is no loan given or outstanding to Directors, Senior officers and relatives of Directors.
(8) Related Party Disclosure (as identified by the management):
Related Parties are classified under following Categories as:
a) Holdings/Subsidiaries:
There is no holding/subsidiary as on 31,03,2024.
b) Associates:
There is no associate as on 31.03.2024.
c) Individuals having control or significant influence over the company:
Mr. Sunil Sachdeva
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